July 26 Chart of the Day - Baker Hughes

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Houston based energy solutions provider Baker Hughes (BKR) boasts it serves customers in over 120 countries, has 55,000 employees, and $25B annual revenues spread between oilfield services and equipment & industrial energy technology.

The company is in the headlines this week for surpassing Wall Street's earnings estimate so we wanted to review their chart from a price action technical analysis perspective.

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Monthly Chart 

On the monthly chart we can see that after setting its $9.12 all time low back in early 2020 price has been rising in an orderly fashion making a series of higher highs and higher lows seemingly attempting to return to its $100.29 all time high (ATH) glory days 

The bears have yet to step in with any lasting conviction.

We can also see a change control zone roughly between $37 and $40 (gray rectangle)

Change control zones are one of the five price action tools we teach when charting anything.  By definition, they are an area that represents where neither the bulls nor bears are in charge.  Price can slash though the zone with seemingly reckless abandon, price can respect the top or bottom from outside it or within it.  Or, price can trade aimlessly sideways within it.  When price breaks away from the zone it can often get drawn back to it like a magnet. And in this case we see all of the above are true.

Weekly Chart

 
On the weekly chart we can see with much more clarity the rise from all time lows and where price briefly dropped down below $10 then reversed starting an upward  series of higher highs and higher lows..

Trading around $37.30 earlier today price is yet again approaching the change control zone.

Could this be the time that price powers back up through the zone or will the bears step in to reject it once again?

Only time will tell for sure what price will do next...

We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next?